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Citing possible exploitation, Bank of America instituted a policy that put limits on loans to persons in guardianship. It later ended the policy.
July 24 -
Anita Gail Moody, who was president of Enloe State Bank, admitted to creating phony loan documents — and setting a fire to destroy them — before the bank was shuttered in May 2019.
June 9 -
The Georgia company said the agency is looking at its policies for paying, or withholding, Paycheck Protection Program fees to borrowers' agents.
June 2 -
Prosecutors charge two Rhode Island men with trying to rip off the program; the bank says it has received “inquiries” from state and federal officials on its offering of small business loans.
May 6 -
The Justice Department has begun a preliminary inquiry into how taxpayer money was lent out under the Paycheck Protection Program and has already found possible fraud among businesses seeking relief, a top official said.
April 30 -
The chair of the House Financial Services Committee, Maxine Waters, contends that Tim Sloan knowingly made misleading and inaccurate comments during a hearing before her panel last year.
March 10 -
The company disclosed that an internal review of a now-discontinued loan program found that employees engaged in misconduct tied to income verification and requirements, among other things.
March 9 -
The 10-digit penalty marks an important milestone for the bank, but individual ex-bankers may still be at risk and grueling hearings lie ahead for current leadership.
February 21 -
A deferred-prosecution agreement with the Justice Department spares the bank a potential criminal conviction — provided it cooperates with continuing probes and abides by other conditions.
February 21 -
The Charlie Scharf era began with the company's lowest quarterly net income in more than nine years. Culprits included falling revenue, rising salaries and yet more financial fallout from the bank's sales scandal.
January 14